G20 economies vowed to support low-income countries (LICs) to participate more in global value chains (GVCs) to drive global trade growth, said a statement released Sunday after the two-day G20 Trade Ministers Meeting in Shanghai.
The G20 economies recognized that GVCs, encompassing regional value chains (RVCs), are important feature of the global economy, and are important drivers of world trade.
The economies would support policies to allow firms of all sizes, including small-and-medium-sized enterprises (SMEs), in countries with different developing levels to participate in and fully utilize GVCs, according to the G20 Trade Ministers Meeting Statement, the first of its kind in G20 history.
G20 members would continue to enhance capacity building to promote inclusive and coordinated GVCs and seek to develop and implement initiatives to assist developing countries, particularly LICs and SMEs in the areas that matter most to GVCs, the statement added.
Such initiatives might include appropriate infrastructure, technology support, access to credit, supply chain connectivity, agriculture, innovation and e-commerce, skills training and responsible business conduct, the statement pointed out.
Meanwhile, G20 members with capacity to do so would continue to help developing countries'and SMEs' ability to adopt and comply with relevant national and international standards, technical regulations, and conformity assessment procedures.
G20 members would also facilitate developing countries and SMEs access to information on trade and investment opportunities, and provide further information to help them participate in GVCs and move up the value chain.
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